Microeconomics
Solutions
Microeconomics
Suppose an MC curve falls when output is in the range from 1 unit to 10 units. Then it flattens out and remains constant over an output range from 10 units to 20 units, after which it rises over a range from 20 units to 30 units. What does the curve’s behavior have to say about the MPP of the variable input?
Explain the relationship between marginal cost and marginal physical product (MPP).
If marginal cost decreases at the output range of 1 to 10 units, then the marginal physical product (MPP) of variable input will increase.
If marginal cost is constant at the output range of 10 to 20 units, then th...
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